ZIM Integrated Shipping has closed a $6 million investment in artificial intelligence technology company Data Science Consulting Group (DSG), a step for AI technology in maritime.
DSG expects to use the proceeds of Zim’s investment to further the development of an AI governance and decisioning management system called e-evolve. It also plans to expand its operations in additional territories around the world.
The investment was reportedly concluded following a successful commercial collaboration between the companies on the creation of a centre of excellence for the development of AI tools for the maritime industry.
Zim president and CEO Eli Glickman described the centre of excellence an example of a “fruitful partnership” between the companies, and of the successful implementation of AI tools to improve Zim’s business decisions.
“Zim’s innovative spirit, demonstrated by, among others, the adoption of various digital tools, has been an important contributor to our industry leading results and, we expect, will continue to drive to our success going forward,” Mr Glickman said.
“Having worked closely with the DSG team, we see their capabilities that can support our ecosystem and are pleased to make this investment that will enable them to further grow their business.”
Zim EVP and CIO Eyal Ben Amram said there is a growing demand around the world and in the industry for AI-based products which can improve supply chain management and accuracy of forecasting tools.
“The positive results of our collaboration with DSG during the past year and DSG’s proven versatile experience and understanding of AI convinced us to further invest in our relationship with DSG and its team,” Mr Amram said.
DSG CEO Elan Sasson said the Zim’s investment represents a vote of confidence in the company.
“The transformation of a customer turned (also) into an investor is an indication of the impact and reward we aspire to deliver to our customers and precisely the type of relationships we aim to foster,” Dr Sasson said.
“This investment will enable us to further develop our products and technologies and expand our international footprint in markets such as Australia, Japan and others.”